Binance France Hunts for New Banking Partner: Here’s What Users Should Know

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Binance, one of the world’s leading cryptocurrency exchanges, finds itself in problems as it seeks a fresh banking partner in France. This issue stems from the termination of its longstanding alliance with Paysafe on September 25. Consequently, Binance France has issued a rallying call to its users, urging them to hasten the conversion of their traditional fiat currency holdings into cryptocurrencies. 

Are users likely to be inconvenienced because of these new developments? Let’s explore.

The Search is On!

Binance is encountering challenges with the banking system as many banks in various countries are ending their partnerships with the exchange.

The partnership between Binance France and Paysafe was essential for allowing users to deposit and withdraw euros through SEPA bank transfers. Although news of this partnership ending came out in late June, Binance France has not found a new partner to replace it yet.

On September 26, a spokesperson for Binance confirmed to French radio station BFM that the exchange is actively engaged in bringing aboard new partners. Binance France strongly recommends its users swiftly convert their fiat balances into cryptocurrencies, and the best part is, that this conversion is cost-free.

Keeping this in mind, many users have noticed something new when they open the Binance mobile app. A message pops up suggesting they turn their regular money into cryptocurrencies. This shows that Binance is proactively helping its users adapt to changes.

Read More: Binance Sells Its Russian Business to CommEX: Are Your Assets Safe?

Is Binance Safe? Red Flags For Crypto Investors

This is only the latest addition to Binance’s troubles. The exchange is also having trouble with rules from governments, especially in Europe. The exchange has come under increased scrutiny and has faced allegations of non-compliance with financial sanctions related to Russia. 

Earlier, they left the Netherlands on June 16, and just a few days later, officials in Belgium told them to stop all their services there within a week.

Also Read: Binance CEO CZ Could Face Criminal Charges from US Justice Department: WSJ

In more recent developments, on September 27, Binance announced its complete withdrawal from the Russian market. They have divested their share of the company to a new cryptocurrency exchange known as CommEX.

Binance’s search for a new bank partner in France is a big deal in cryptocurrencies. They are facing a lot of rules and regulations, and people are watching closely to see how they handle it.

Will Binance ever be able to recover? Tell us what you think.